annual report 2010-11 - Metro Tasmania

NOTES TO THE FINANCIAL STATEMENTSCONSOLIDATED2011 2010Note 12. PROPERTY, PLANT AND EQUIPMENT (continued) $’000 $’000(c) Written down costsLand and buildings 7,781 7,709Buses 15,659 12,533All items of property, plant and equipment are held by the parent company.An independent valuation of freehold land and buildings was performed as at 30 June 2009 by Mr D SaundersB.Ec.Dip.Val.FAPI Valuer of Saunders & Pitt. This valuation was performed on the basis of ‘current market valuein the existing use’.An independent valuation of ‘in service’ buses was performed as at 30 June 2010 by Mr R.A. van Raay FAPI, FRICS,ASA, AFAIM, CMILT, Certified Practising Valuer (P&M) of m3p&e. The valuation was performed on the basis of‘market value for existing use’.This approach assumes that the asset could be sold in the market for its existing use.CONSOLIDATED2011 2010Note 13. INTANGIBLE ASSETS $’000 $’000(a) Carrying amountsLicencesAt cost 64 64Less: accumulated amortisation (64) (64)Total - -Computer softwareAt cost 1 792 1 819Less: accumulated amortisation (1,668) (1,676)Total 124 143Total intangibles 124 143(b) Reconciliation of movements in carrying amountsCarrying amount at 1 July 143 254Additions- other development 88 -Amortisation (107) (111)Carrying amount at 30 June 124 143Note 14. TRADE AND OTHER PAYABLESTrade creditors and accruals 3,729 4,469Employee benefits oncosts 363 3674,092 4,836METRO Annual Report 2010 | 2011 43